GBPNZD At Key Channel Resistance
- GBPNZD trading at key channel resistance between 20100 & 20200
- Pullback towards 19700 in the cards
- Waiting until next week to make a play on this set-up
In recent months, the trading in GBPNZD hasn’t been as fluid as it has been in its sibling cross pair – GBPAUD. (See notes Here and Here.) This has resulted in a wide ranged multi-month channel. The past couple of days we have seen GBPNZD press up against the upper bounds of this channel, creating an opportunity for sellers. I'm not looking for a pullback to a new swing low below 19250, but rather a sizable retracement towards 19700 before re-assessing. I’m going to wait until next week for a turn in momentum before considering a play on this set-up.
GBPNZD Daily: Sep ’14 – Present
Written by Paul Robinson, DailyFX Research
To contact Paul, email him at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.